<i>Economic Diversification and Its Main Determinants</i>

Abstract

This study aims to highlight the importance of economic diversification for countries, considering it a strategic option for bringing about radical changes in the structure of economies, achieving development, and mitigating external shocks. This is achieved by highlighting its importance in the history of economic thought in attaining various economic objectives for countries that rely on a single resource, with the aim of reducing risks, preserving natural resources, safeguarding the rights of future generations, and diversifying sources of revenue. To identify the extent of economic diversification in a country, various indicators are used to measure the degree of diversification. The study also identifies the different determinants of successful economic diversification.